Axis Bank is raising up to Rs. 11,826 crore ($1.8 billion) through a private placement of shares from a clutch of investors led by private equity fund Bain Capital.

Bain Capital is picking up a 4% stake for Rs. 5,179 crore and will have the right to nominate a director on bank’s board. Other investors are American asset manager Capital Group and Life Insurance Corporation of India (LIC). The fund-raising will see the bank dilute a stake of around 9%, reported